RACL Geartech Limited has informed the Exchange regarding Board meeting held on April 10, 2025.
RACLGEAR · price
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RACL Geartech's board, on April 10, 2025, approved raising up to Rs. 80 crores through a preferential issue of equity shares to non-promoter investors. The issue includes up to 8,30,711 shares to Qualified Institutional Buyers at Rs. 794.50 per share (about Rs. 66 crores) and up to 1,75,769 shares to Non-QIBs at Rs. 796.50 per share (about Rs. 14 crores), with a face value of Rs. 10 each. The QIB allottees are marquee funds: India Acorn Fund and Ashoka India Equity Investment Trust (both from White Oak Capital Group) and Malabar India Fund. The Non-QIB allottee is Aniruddha Narayan Malpani, an existing shareholder. An EGM is scheduled for May 7, 2025, to seek shareholder approval for the preferential issue.
The fundraise will dilute existing shareholders but brings in high-quality institutional investors, which could be seen positively by the market. Approval at the EGM is the next key milestone; if approved, the stock may see some short-term pressure from supply increase but could attract long-term investor confidence given the marquee names involved.